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(Health-NewsWire.Net, June 17, 2022 ) Overview:
This study involved four major activities in estimating the current size of the neurovascular devices market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market.
The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. After that, the market breakdown and data triangulation were done to determine the market size of the segments and sub-segments.
Expected Revenue Gains:
The neurovascular devices market size is expected to grow from an estimated USD 2.5 billion in 2021 to USD 3.8 billion by 2026, at a CAGR of 8.6%.
Global Growth Boosting Factors:
Expansion of healthcare infrastructure across the emerging markets, growing adoption of novel neurovascular devices, and greater research in the field of neurovascular therapies are high growth prospects for the neurovascular devices market during the forecast period.
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Challenges: Stringent regulations:
Several key neurovascular device manufacturers (such as Stryker and Medtronic Plc) have been successful in the development and subsequent commercialization of their respective products during the last decade. These products were primarily intended for interventional use during neurovascular surgeries. However, across the mature markets (particularly in the US), the developmental pipeline for interventional neurology products is affected mainly by pricing pressure faced by the key product manufacturers as a result of unsupportive government reforms undertaken in the last three years.
The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.
Based on end-user, the neurovascular devices market has been segmented into hospitals & surgical centers, ambulatory care centers, and research laboratories, and academic institutes. As of 2020, hospitals & surgical centers are estimated to account for the largest share of the global market in 2021, while ambulatory care centers are projected to register the highest CAGR during the forecast period. Growing patient preference for minimally invasive medical procedures, rising number of ambulatory surgery centers across developed countries, along with the ease of scheduling, the focused clinical staff, the improved productivity, and the increased safety, and efficacy of these centers, are the major factors that are expected to drive the growth of this end-user segment in the coming years.
North America is expected to be the largest market during the forecast period.
North America is estimated to be the largest market for neurovascular devices during the forecast period. The neurovascular devices market in North America is driven primarily by factors such as the significant disease burden, increased number of minimally invasive neurology procedures, and continued expansion of trauma/emergency care facilities in US.
Recent Developments:
# In 2020, Johnson & Johnson launched Cerenovus Stroke Solutions, which includes a suite of three devices designed to aid physicians in clot removal procedures. The devices include the Cerenovus Large Bore Catheter, Cerebase DA Guide Sheath, and Embotrap III Revascularization Device
# In 2021, Penumbra partnered with Genesis MedTech to expand the neurovascular market in China.
# In 2021, Pehnox established a new entity in the UK in light of Brexit to strengthen its footprint in the key markets across Europe.
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Key Market Players:
The major players in the neurovascular devices market are Johnson & Johnson (US), Medtronic PLC, Stryker Corporation (US), Terumo Corporation (Japan), Penumbra, Inc. (US), MicroPort Scientific Corporation (China), Kaneka Corp. (Japan), Integer Holdings Corporation, BALT (France), Perflow Medical, Phenox GmbH (Germany), Sensome (France), Evasc (Canada), Rapid Medical (Israel), Asahi Intecc Co. Ltd (Japan), Acandis GmbH (Germany), Medikit Co. Ltd (Japan), Imperative Care (US), Lepu Medical (China), and Cerus Endovascular (US), among others.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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